SPYI vs. UUP

Last updated Jul 14, 2026

SPYI (NEOS S&P 500 High Income ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. SPYI is actively managed, while UUP is passively managed. Over the past 3 years, SPYI returned 15.25%/yr vs 5.86%/yr for UUP. At a correlation of -0.25, they often move in opposite directions. SPYI charges 0.68%/yr vs 0.75%/yr for UUP.

Performance

SPYI vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 7.92% return, which is significantly higher than UUP's 5.44% return.

SPYI

• 1D: -0.61%
• 1M: 1.51%
• 6M: 6.46%
• YTD: 7.92%
• 1Y: 18.57%
• 3Y*: 15.25%
• 5Y*: —
• 10Y*: —

UUP

• 1D: 0.39%
• 1M: 1.97%
• 6M: 4.47%
• YTD: 5.44%
• 1Y: 8.28%
• 3Y*: 5.86%
• 5Y*: 5.89%
• 10Y*: 3.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYI vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	7.92%	16.67%	19.03%	18.09%	-3.96%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	3.63%	-3.73%

Correlation

The correlation between SPYI and UUP is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	-0.25

The correlation between SPYI and UUP shifts across timeframes, from -0.32 (1 year) to -0.21 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SPYI vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 69
SPYI Sortino Ratio Rank: 67
SPYI Omega Ratio Rank: 74
SPYI Calmar Ratio Rank: 61
SPYI Martin Ratio Rank: 78

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPYI vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Invesco DB US Dollar Index Bullish Fund (UUP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPYI	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.38	+0.41
Sortino ratio: Return per unit of downside risk	2.46	1.99	+0.48
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.42	2.28	+0.14
Martin ratio: Return relative to average drawdown	11.80	6.26	+5.54

SPYI vs. UUP - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.79, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SPYI and UUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYI vs. UUP - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPYI and UUP.

Drawdown Indicators

	SPYI	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-22.19%	+5.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-3.65%	-4.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-10.05%	-6.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-0.61%	-1.26%	+0.65%
Average Drawdown Average peak-to-trough decline	-1.80%	-8.88%	+7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.33%	+0.25%

Volatility

SPYI vs. UUP - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.66% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	1.45%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	4.34%	+4.11%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	6.03%	+4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	7.22%	+5.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	6.90%	+6.07%

SPYI vs. UUP - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

SPYI vs. UUP - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.79%, more than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYI NEOS S&P 500 High Income ETF	11.79%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%
UUP Invesco DB US Dollar Index Bullish Fund	3.25%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%

Frequently Asked Questions

Can I hold both SPYI and UUP in my portfolio?

SPYI and UUP have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYI or UUP?

SPYI has higher volatility (3.66%) compared to UUP (1.45%). In terms of maximum drawdown, SPYI dropped -16.47% vs UUP's -22.19%.

Which ETF is better, SPYI or UUP?

On 3-year performance, SPYI leads with 15.25% vs 5.86% for UUP. On fees, SPYI is cheaper at 0.68% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or UUP?

Over the 3-year period, SPYI has performed better with a 15.25% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or UUP?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, SPYI or UUP?

SPYI has the higher dividend yield at 11.79%, compared with 3.25% for UUP.

What is the main difference between SPYI and UUP?

SPYI is categorized as Derivative Income, while UUP is Currency. They also come from different issuers: Neos and Invesco. Their fees differ too: 0.68% for SPYI and 0.75% for UUP.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.79 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.